Fourth: The Legitimacy Censorship Board

Answer

It is the body appointed by the general assembly of the bank, the number of its members shall not be less than three specialists in the sciences of Sharia, law and Islamic banks, and the experts in the jurisprudence of transactions, issued by appointment and determination of their remuneration decision of the General Assembly of the bank, for a period of three years and may be reappointed, The Legitimacy Censorship Board shall:

  1. The members of the Commission shall be appointed from among those registered in the register of observers at the Central Bank of Libya.
  2. Shall apply to the appointment of members of the Commission and their adoption of the provision provided for in this Law from the article (69),and none of them should be employed by another local bank, or a member of its board of directors, Or in the Legitimacy Censorship Board. In cases The Central Bank of Libya may deems fit, combine the membership of more than one Sharia ‘a Supervisory Board.
  3. The Authority shall assume functions and competencies stipulated in the Bylaws of the Bank, including:
    • Monitor activities of the bank and its activities to ensure that they do not violate the provisions of Islamic law.
    • Reviewing the bank's balance sheets and final accounts, distributing the profits and verifying its performance, in accordance with the criteria adopted by the Central Authority for Sharia Supervision.
    • Adopting the necessary forms of contracts for the activities and business of the Islamic Bank.
    • Any other tasks assigned by the Central Bank of Libya, upon the proposal of the Central Authority for Legal Supervision (Article 100 bis 7).

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Doctor
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Chahd Abdessalam
Employee in a Company
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Business man
Ali Houweydi - Current Account - Abroad Student
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Ali Houweydi
Abroad Student
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